By Lee Youkyung SEOUL, Aug. 10 (Yonhap) -- Capitalizing on the rising popularity of smartphones, South Korean mobile carriers are scurrying to bring their wireless technology and cellular networks to the financial sector in fresh efforts to overturn years of stagnant growth.

Cellular carriers are venturing into finance and credit card businesses that could eventually lead to transactions becoming as simple as scanning cell phones on an electronic reader. The move is also gaining traction as smartphone applications are being used to access bank accounts and receive personalized coupons and vouchers.